The Bulgarian state, through Bulgarian Energy Holding (BEH), has acquired a 10% stake in the deepwater Han Asparuh exploration block in the Black Sea. The block, operated by OMV Petrom, covers over 13,000 square kilometres in Bulgarian waters, south of Romania's Neptun Deep project.

Revised Partnership Structure

Under the agreement, OMV Petrom and its existing venture partner, Israel's NewMed Energy, will each sell a 5% interest to BEH. This restructures the joint venture, leaving OMV Petrom and NewMed each with a 45% stake and BEH holding the remaining 10%. BEH will bear its proportional 10% share of all costs related to drilling preparations and operations.

Exploration Activities and Resource Potential

Drilling is already underway on the block. The drillship Noble Globetrotter I spudded the first exploration well in December 2025 and will subsequently drill a second prospect. The venture targets significant gas resources, with the first prospect estimated to hold a potential in-place resource of 3.5 trillion cubic feet (Tcf) of gas and the second prospect holding an estimated 5.7 Tcf.

Strategic and Economic Rationale

Bulgarian officials framed the state's entry into the project as a strategic move to actively explore offshore resources and enhance national energy security. The deal is also expected to increase future state revenues. BEH will receive an equity share in any future gas production, in addition to tax and concession revenues from the joint venture following a commercial discovery.

Project Details and Budget

Integrated drilling services for the campaign are being provided by Halliburton, with SLB expected to handle well testing services. The total drilling budget for the two planned wells is approximately €170 million.